SPDR S&P Metals & Mining ETF rallied to $51.78 for the first time in 9 years

26.02.2022

By Axiory Intelligence

Thursday ended at $49; during yesterday's session SPDR S&P Metals & Mining ETF rallied above $51.78 for the first time in 9 years, gaining $2.77 and closing at $51.77.

In terms of trend indicators, we can see that medium-term trend indication has turned positive as the MACD (moving average convergence divergence) index generated a crossover buy signal. This occurs as the MACD line crosses above the MACD signal line. The CCI indicator is above 100. When the CCI (Commodity Channel Index) is at this level it means the price is above the average price as measured by the indicator, indicating a possible start of a new uptrend. Analysis based on the asset volatility indicates that SPDR S&P Metals & Mining ETF has crossed the upper Bollinger band at $48.5, a sign that possible further gains might be next. Chart pattern study shows SPDR S&P Metals & Mining ETF's nearest support level is at $41.58.

Overall, looking at the technical analysis landscape, it seems SPDR S&P Metals & Mining ETF might continue pointing upwards in the short term.

SPDR S&P Metals & Mining ETF shows positive signs, other assets are also on par: Johnson & Johnson went up sharply, gaining $7.86 (4.97%). This is the largest single-day gain seen recently. Berkshire Hathaway made its largest single-day jump 3.56% ($10.96) since March 2021. Procter & Gamble gained $6.48 (4.27%), making this its largest daily gain since March 2020.

SPDR S&P Metals & Mining ETF's long-term behavior shows it is currently on a downtrend that started roughly 5 months ago.

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